MCB Bank posted a net profit of Rs6 billion in Jan-Mar, which is down 23.9% from the same three-month period of 2015.
The bank announced earnings per share of Rs5.5 in its quarterly earnings, which was below market expectations. MCB Bank also announced a cash dividend of Rs4 per share.
On a sequential basis, however, MCB Bank grew its bottom line by 13% because of a credit charge (Rs1.6 billion) it booked in Oct-Dec 2015, according to Shajar Capital.
Net interest income of the bank (after provisioning) decreased 2.8% to Rs12.2 billion for Jan-Mar. It posted non-interest income of Rs2.9 billion for the three-month period, which was down almost 42% on a year-on-year basis. The major slump in non-interest income of MCB Bank was on the back of the massive decline in the gain on sales of securities.
Its share price decreased 0.4% on Tuesday to close at Rs202.06 per share.
Published in The Express Tribune, April 20th, 2016.
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